Needed the below information for the Celsius product (links to know about the product are below the content).
1. Target Markets Identification and Segmentation Strategy
In an ideal world, a business would sell its products to everyone, but that’s unrealistic. A business that sells expensive Russian caviar is not going to attract low-income consumers, for example, and a retired couple won’t be interested in a range of organic diapers. Because of this, businesses seek to identify the specific group of people or businesses they hope to sell their products to. This group of people is called the target market. This group of people is called the target market.
Examples of target markets include:
- Mothers of school-aged children
- Affluent seniors who own their own homes
- Single millennials
Think of target markets as a big river. Potentially, there are plenty of fish to catch in the river, but it takes a lot of effort. You need a different type of bait to catch each type of fish. To put that in marketing terms, some customers will respond to your advertising while others will be indifferent to it or not even pay attention. That’s because the people are individuals, and target markets are too large for everyone in them to be motivated by the same things.
It critical that you persuasively communicate your marketing messages. To do that, you need to be able to adapt your messaging so that it appeals to the consumer’s needs, wants and values. The smaller and more homogeneous your target market, the more likely it is that everyone within that market will respond to the same messaging.
Market segmentation is the act of dividing a large target market into distinct groups of consumers who have similar characteristics, needs or behaviors. For example, instead of targeting law firms in Miami, you might break that down to law firms in Miami who have a minimum annual revenue of $2.5 million and who specialize in family law.
This process is called segmentation because you’re splitting the large target market into smaller segments.
2. Market Positioning
Market Positioning refers to the ability to influence consumer perception regarding a brand or product relative to competitors. The objective of market positioning is to establish the image or identity of a brand or product so that consumers perceive it in a certain way.
- A handbag maker may position itself as a luxury status symbol
- A TV maker may position its TV as the most innovative and cutting-edge
- A fast-food restaurant chain may position itself as the provider of cheap meals
- Tesla positions themselves as a luxury electric vehicle.
- McDonaldâ€™s and Wendyâ€™s position themselves as a place to get cheap and quick meals.
- Starbucks positions itself as a source of upscale quality coffee and beverages.
- Apple position themselves as a tech company that offers innovative and user-friendly products.
Example of a positioning strategy:
If you are a business like Amazon your positioning statement be:
â€œFor internet users who want things fast and easy, Amazon.com is an ecommerce retailer that provides instant access to millions of items. Unlike traditional retailers, Amazon.com provides a combination of extraordinary convenience, customer services, low prices, and comprehensive selection.â€
“To discerning people who want the best, Mercedes is the car that will give you the benefits of the latest technology combined with safety and power, offering maximum reliability and state-of-the-art quality”.
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